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Making contributions

Each time you save into your plan, you'll receive extra contributions from your employer and the taxman. This will help to boost your retirement savings.

Making contributions diagram

You'll receive extra contributions into your plan

Let's look at an example for someone who pays basic rate tax.

  • You decide to contribute £100 each month.
  • Because of tax relief, you only have to contribute £80.
  • The taxman will contribute the other £20.
  • Your employer agrees to match your contribution so your £80 quickly becomes £200.

Tax relief depends on individual circumstances and may change in the future.

Boost your retirement savings

You can make single contributions into your plan at any time. So if you receive a bonus from work, or find yourself with spare money; you could save it into your plan.

Have all your retirement savings in one place

You can transfer retirement savings from other pension plans. This will make it easier for you to keep track of them.

Transfer payments from one pension plan to another don't receive tax relief and are not always in your best interests. You should speak to a financial adviser before making a decision.

Stay on track for the retirement you want

You should regularly review your contributions to help you stay on track. If you can afford to, you can increase your contributions to give you a better chance of a better retirement.

Changing your contributions

You should speak to your employer before making any changes to your regular contributions. They'll tell you what changes you can make and when you can make them.

Know your limits

The Government has set limits to do with pension contributions and taking your retirement benefits.

Find out more

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